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Many credit Tesla’s decision to accept Bitcoin (BTC) as a form of payment as a major driver in crypto’s huge rally last March. READ MORE: Best Crypto Apps and Exchanges “What would be the most ironic outcome? The currency that started as a joke in fact becomes the real currency,” he said. During a discussion on audio-based social media app Clubhouse last year, he pointed out that fate loves irony. The reason for Musk’s support? Dogecoin’s success would be ironic. Musk’s constant tweets are a major reason DOGE continues to sit in the top 20 cryptos by market cap. But his dogged devotion to his pet crypto, Dogecoin (DOGE), makes some observers wonder how seriously he takes the industry. In the past, Musk has been optimistic about Bitcoin and crypto. Get started Could Musk turn Twitter anti-Bitcoin? Learn more and get started today with a special new member discount.
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Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market - Bitcoin, Dogecoin, and all the others. “So either scenario brings things to a head, thus net positive.” The alternative? “He will make awful impulsive decisions and changes and it will catalyze users in the social media space to seek alternative platforms that align with their web3 values,” says Kao. In the first scenario, Kao says Musk could “move the platform towards decentralization of social media and adoption of web3.0 technologies and ideologies.” According to Kao, this will happen if Musk truly believes in blockchain and decentralization on an ideological level and brings on “smart, ethos-driven leaders” to help seek positive change. One key aspect is that it gives individuals - not big companies - control of their data. Web 3 is best described as the next generation of the internet. Kao explained his thinking, saying Musk will either make a lot of positive improvements that stimulate the growth of Web 3, or he’ll push people to seek alternative platforms. “But what will be interesting is what happens in the short and medium term.” “I think in the long term the net result will have a net positive impact on the Web 3 space,” he said.
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In Kao’s view, a Musk-led Twitter will ultimately be positive for crypto and Web 3. Han Kao: Even if he makes ‘awful’ decisions, it will be net positive for crypto We spoke to industry insider Han Kao, founder of Sanctor Capital and founder of Crypto Briefing, to find out more. A known crypto enthusiast, the man behind Tesla and SpaceX frequently provokes mixed reactions in the crypto world and beyond. The dust is starting to settle after Elon Musk’s successful $44 billion Twitter takeover.